Illinois DOR Publishes Withholding Tax Tables Effective Jan. 1, 2024

The Illinois Department of Revenue (DOR) Dec. 22 published a revised booklet providing withholding tax tables for state individual income and corporate income tax purposes, effective Jan. 1, 2024. The booklet includes information on: 1) the income tax rate for wages and other compensation, which is 4.95 percent; 2) the exemption allowance, which is $2,775; and 3) daily, weekly, bi-weekly, monthly, and semi-monthly withholding tax tables. The DOR also provides information on how to calculate the amount to withhold using tables provided in the booklet and the automated payroll method. [Ill. Dep’t of Revenue, Booklet IL-700-T, Withholding Tax Tables, 12/22/23] ...